India cuts tariffs on the goods importing from China and other five Asian countries

Beijing time July 3rd news satellite network reported that the Ministry of Commerce and industry of India issued a message that the country has reduced import tariff of goods from China and other 5 Asian countries.

According to the news, the tax cuts involve 3142 commodities from South Korea, China, Laos, Sri Lanka and Bangladesh. The tax reduction policy was implemented in the framework of effectiveness of the Asia Pacific trade agreement which India participated in in July 1st.

India decided to reduce tariffs on goods from Asian countries in the context of differences with the United States. The United States recently introduced 25% and 10% import tariffs on steel and aluminum products, which New Delhi sees as a protectionism against the global economy. In response, India intends to impose import duties on a range of agricultural products, iron and steel products and iron ore from August 4th.